Roth vs. after-tax 401(k) If you decide to rollover your after-tax contributions to a Roth IRA, there is a way around the five-year withdrawal waiting period. While you can’t open a Roth IRA directly if your income is too high – 2024 limits are $161,000 if filing single or $24...
If you haven’t already funded your retirement account for 2024, you have until the tax return filing due date to do so. That’s the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA. If you have a Solo 401k, Keogh or SEP and you get a filin...
January 24, 2025 Estate Planning What is a Stepped Up Basis? Cost Basis of Inherited Stock and Other Assets A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. A stepped up basis can apply ...
or at your current broker if they are on the ball and have your 2008 total contributions as zero. (Otherwise they might throw a fit…) You can now throw in another $1,250 and contribute $5,000 again to your Roth IRA for the 2008 tax year before April 15th, 2009. Even if you j...
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In addition to my pension, I have a managed 457, which is essentially just like a 401k account. It's an account that I put money in. Our new union contract now stipulates that my department will match up to 3% of my contributions, so yay for that. Free money. A...
SEP-IRA, or Solo 401K, that you're still limited to just $56,000 per year. Due to actuarial reasons, an older physician can often contribute much more to a defined benefit plan than a younger physician. These extra little tax breaks make it easier to stuff those retirement accounts full...
Now that SECURE has passed, as long as you have earned income, you can make contributions to an IRA (or Roth IRA), no matter what your age is. Like I said, nothing really earth-shattering about this, although it does give some taxpayers more time to make contributions to IRAs if they...